International Rectifier Corp. (IR) announced financial results for the first quarter fiscal year 2010, ended September 27, 2009. Revenue for the first quarter fiscal year 2010 was $179.4 million, a 12% increase from $159.6 million in the fourth quarter fiscal year 2009 and a 27% decrease from $244.5 million in the first quarter fiscal year 2009. Revenue for the fourth quarter fiscal year 2009 included $2.7 million of Transition Services segment revenue. The first quarter fiscal year 2009 included $18.7 million of Intellectual Property revenue recognized from a one-time patent license amendment and $12.4 million of Transition Services segment revenue.
International Rectifier reported a first quarter fiscal year 2010 net loss of $16.9 million, or $0.24 per share, compared with net income of $29.1 million, or $0.40 per share in the prior quarter, and a net loss of $4.2 million, or $0.06 per share in the first quarter fiscal year 2009.
The results for the fourth quarter fiscal year 2009 included a $96.1 million gain on the divestiture of the Power Control Systems (PCS) business, related to the settlement agreement with Vishay Intertechnology, Inc., a $45.0 million charge related to an agreement in principle to settle the pending securities class action litigation, a $9.6 million tax benefit and a $9.5 million expense recovery from an insurance reimbursement.
Gross margin was 26.4%, up from 20.8% in the prior quarter and down from 39.4% in the first quarter fiscal year 2009. Gross margin for the first quarter fiscal year 2009 included a benefit from $18.7 million of Intellectual Property revenue with a 100% gross margin recognized from a one-time patent license amendment.
Research and development expenses for the first quarter fiscal year 2010 were $22.8 million, down from $26.2 million in the prior quarter.
Selling, general and administrative expenses for the first quarter fiscal year 2010 were $43.6 million, compared with $83.0 million in the prior quarter. Selling, general and administrative expenses for the fourth quarter fiscal year 2009 included a $45.0 million charge related to the agreement in principle to settle the pending securities class action litigation and a $9.5 million expense recovery from an insurance reimbursement.
Cash, cash equivalents and marketable investments totaled $591.0 million at the end of the first quarter fiscal year 2010. This included restricted cash of $3.9 million. Net cash used in operating activities for the first quarter fiscal year 2010 was $7.1 million.
The company had 71,270,161 shares outstanding at the end of the quarter.
